Thinking of financing a new home?

When buying a home, applying for the mortgage loan is a distressing event for most people, but it doesn't have to be. Being connected to a lot of lending companies in Anchorage has helped me recognize some things that make the loan application process pretty simple.

1 – Organize a list of questions about your loan program

Be sure you have a list of questions with you if you don't entirely comprehend the ins and outs of the different programs. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of each one, because it is a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the interest rate, it means that the mortgage lender keeps to the interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for your loan and at the time of closing. Those who opt to float think that interest rates will decline in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Decide if you want to pay additional points to lower your interest rate

If you opt to pay additional points to lower the interest rate of your loan, you will pay for them in cash at closing. Every point is 1 percent of the loan. To decide if you should purchase points, click here to use our points calculator.

4 – Gather your paperwork

Getting a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here for a list of typical loan documentation.

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